Chronicle Editor
Rutendo Nyeve, Business Reporter
CALEDONIA Mining Corporation, a gold miner listed on the Victoria Falls Stock Exchange, remains optimistic about reaching its 2024 production target of between 74 000 and 78 000 ounces, despite experiencing a quarterly decline compared to last year’s output.
Notably, the company has reported a six percent increase in production for the nine months ending September 2024, compared to the same period last year.
In a production tracking guidance for the third quarter production at Blanket Mine released on Tuesday, the Caledonia Mining Corporation said the mine recorded a quarterly gold production of 18 992 ounces (538,41414 kilogrammes) which is a reduction from 21 772 ounces recorded in the third quarter last year.
“Caledonia Mining Corporation Plc announces gold production from the Blanket Mine in Zimbabwe for the quarter ended September 30, 2024. All production numbers are expressed on a 100 per cent basis and are based on the final assay at the refiners.
“The mine recorded quarterly gold production of 18,992 ounces (Q3 2023: 21,772 ounces; this was a quarterly record for Blanket). Gold produced in the nine months to the end of September was 56,815 ounces (2023: 55,244 ounces). Caledonia reiterates its gold production guidance for 2024 of between 74,000 and 78,000 ounces,” reads the report.
According to the statistics on the report by the company, Blanket Mine produced collectively approximately 1 591 kilogrammes of gold during the period under review, up from about 1 562 kilogrammes in the previous year.
The company also announced that future dividends will be declared alongside the publication of quarterly results (mid-March, May, August, and November). As a result, the Q3 2024 dividend, if approved by the board, will be declared in mid-November rather than at the start of October.
“This change in the timing of dividends does not affect the company’s dividend policy. The board will continue to consider dividends as appropriate, in line with other investment opportunities and its prudent approach to risk management. The specific amount of the dividend will be determined and announced at the time of declaration,” reads the statement.
This comes at a time gold topped US$2 700 an ounce globally for the first time. The bullion climbed as much as 1 percent to US$2 700 an ounce, beating the all-time high set in the previous season.
The bullish sentiment spilled over to the wider precious metals complex, with silver jumping as much as 5,5 percent to the highest since 2012.
BlackRock Inc’s iShares Silver Trust, the largest exchange-traded product tracking the metal, saw a large increase of call options as investors bet on higher prices.
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